Sapient's Q1 revenue up 14 per cent

Mumbai: Sapient, a leading business consulting and technology services firm has announced financial results for its first quarter ended March 31, 2004.

Consolidated service revenues for the first quarter of 2004 were $58.9 million, representing a 14 per cent increase from service revenues of $51.8 million for the fourth quarter of 2003, and a 34 per cent increase from the first quarter of 2003. Gross revenues for the first quarter of 2004 were $61.1 million, which included $2.2 million of reimbursable expenses.

Net income for the first quarter of 2004 was $1.3 million, or $0.01 per diluted share. This compared to a net income of $2.6 million, or $0.02 per diluted share (which included a $1.4 million gain on the sale of an investment), for the fourth quarter of 2003, and a net loss of $4.1 million or $0.03 per diluted share for the first quarter of 2003.

"Our top line sequential growth of 14% in the first quarter validates how well our value proposition matches the needs of our existing and prospective clients,” said Jerry A. Greenberg, Sapient’s co-chairman and co-chief executive officer. “We achieved growth in virtually all of our industry units, services and geographies, and secured several key wins on the larger, longer-term client opportunities we had been pursuing.”